A Scottish entrepreneur has set up a new service that allows people to collect details of their assets in one place so when they die they are readily available.
Founder Alan Wardrop said My Executor Box, which can be set up through affiliated solicitors or individually online, allows people to store their information by asset type, including bank accounts, investments and property.
It also records mortgages and loans to provide a picture of the person’s net worth.
Those who sign up can control who can view their assets, which "ensures a high level of security by leveraging robust technologies and best practices".
Mr Wardrop has bankrolled the business himself after the multi-million-pound sale of his financial services company.
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He first got the idea when he was reviewing services for a legal firm.
“I set up their financial services and helped out in every department,” said Mr Wardrop. “I saw in the executor department people walking in with a Tesco, or a Safeway bag at the time, and it was full of bank books and life insurance.
“It was a shambles, and it was a real shame at a difficult time. It always stuck with me.”
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He said: “I sold my financial services business, and when I did that I had the time and the money to revisit this and that is what I’ve done.”
Mr Wardrop continued: “For me, the idea is, you make a will, and the next thing you do is you make an Executor Box."
Glasgow-based Archibald Sharp is the first firm of solicitors on board as Mr Wardrop launches plans to develop a network.
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He said: “I want to use this as an avenue to encourage solicitors to get involved. I am running a seminar in the Blytheswood Hotel [Glasgow] on September 14 and I’m encouraging any solicitors that are interested in this to get in touch.
“I really want this to revolutionise the executory market,” Mr Wardrop said.
“I’ve written my business plan I have my figures contained in that. I am not under any pressure.
“I really think I’m solving a problem.
“I’m also catering for older people that are not technology savvy and I’ve actually got a team of people in Glasgow who will help and advise and even visit people in their homes to help them get started.”
Mr Wardrop also said: “There has actually been £1.6 billion seized from dormant bank accounts and the executory area was where the vast majority was coming from.”
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